I just wanted to confirm that both hard and soft bounces are blacklisted and that I don't have to change any settings for this to happen. I want to make sure bounces are blacklisted.
Any email is allowed to hard bounce only once and soft bounce 5 times then blacklisted, so yes, you don't have to do anything else.
You can change this behavior from backend -> settings -> cron -> Settings for processing Delivery and Bounce logs